Common use of Fair Market Rental Determination Clause in Contracts

Fair Market Rental Determination. At any time within thirty (30) days after receipt from Tenant of a notice of renewal under Section 19.1 hereof (other than a notice of renewal for the first Extended Term), Lessor may, by written notice to Tenant, request that Fair Market Rental of the applicable Renewal Group, and Fair Market Rental of each Leased Property within such Renewal Group, be determined by appraisal under the procedures of ARTICLE XXXV hereof and in such event such Fair Market Rentals shall be so determined in accordance with the procedures of such ARTICLE XXXV. Lessor’s failure to deliver such notice to Tenant within thirty (30) days after receiving Tenant’s notice of renewal shall preclude Lessor from any claim that Base Rent for the first year of the Extended Term to which such notice of renewal relates for the applicable Renewal Group is less than Fair Market Rental of such Renewal Group, and thereafter Base Rent for such Renewal Group for such Extended Term (but only for that particular Extended Term) shall be determined as set forth in the definition of “Base Rent” set forth in Section 2.1 hereof, without any application of Section 19.2. If Lessor has timely delivered such notice to Tenant, and thereafter Fair Market Rental of the applicable Renewal Group is determined under ARTICLE XXXV hereof, the determination of whether such appraised Fair Market Rental is higher than Base Rent applicable to the applicable Renewal Group shall be made by Lessor, in its sole and exclusive discretion, which determination shall be binding on Lessor and Tenant and not subject to further review.

Appears in 11 contracts

Samples: Master Lease Agreement (Kindred Healthcare, Inc), Master Lease Agreement (Kindred Healthcare, Inc), Guaranty of Lease (Kindred Healthcare, Inc)

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Fair Market Rental Determination. At any time within thirty -------------------------------- (30) days after receipt from Tenant of a notice of renewal under Section 19.1 ------------ hereof (other than a notice of renewal for the first Extended Term), Lessor may, by written notice to Tenant, request that Fair Market Rental of the applicable Renewal Group, and Fair Market Rental of each Leased Property within such Renewal Group, be determined by appraisal under the procedures of ARTICLE Article XXXV ------------ hereof and in such event such Fair Market Rentals shall be so determined in accordance with the procedures of such ARTICLE Article XXXV. Lessor’s 's failure to ------------ deliver such notice to Tenant within thirty (30) days after receiving Tenant’s 's notice of renewal shall preclude Lessor from any claim that Base Rent for the first year of the Extended Term to which such notice of renewal relates for the applicable Renewal Group is less than Fair Market Rental of such Renewal Group, and thereafter Base Rent and Current Rent for such Renewal Group for such Extended Term (but only for that particular Extended Term) shall be determined as set forth in the definition definitions of "Base Rent" and "Current Rent" set forth in Section 2.1 hereof, without any application of Section 19.2. If Lessor has timely delivered such notice to Tenant, and thereafter Fair Market Rental of the applicable Renewal Group is determined under ARTICLE Article XXXV hereof, the ------------ determination of whether such appraised Fair Market Rental is higher than Base Rent applicable to the applicable Renewal Group shall be made by Lessor, in its sole and exclusive discretion, which determination shall be binding on Lessor and Tenant and not subject to further review.

Appears in 3 contracts

Samples: Master Lease Agreement (Kindred Healthcare Inc), Master Lease Agreement (Kindred Healthcare Inc), Master Lease Agreement (Kindred Healthcare Inc)

Fair Market Rental Determination. At any time within thirty (30) days after receipt from Tenant of a notice of renewal under Section 19.1 hereof (other than a notice of renewal for the first Extended Term), Lessor may, by written notice to Tenant, request that Fair Market Rental of the applicable Renewal Group, and Fair Market Rental of each Leased Property within such Renewal Group, be determined by appraisal under the procedures of ARTICLE Article XXXV hereof and in such event such Fair Market Rentals shall be so determined in accordance with the procedures of such ARTICLE Article XXXV. Lessor’s failure to deliver such notice to Tenant within thirty (30) days after receiving Tenant’s notice of renewal shall preclude Lessor from any claim that Base Rent for the first year of the Extended Term to which such notice of renewal relates for the applicable Renewal Group is less than Fair Market Rental of such Renewal Group, and thereafter Base Rent for such Renewal Group for such Extended Term (but only for that particular Extended Term) shall be determined as set forth in the definition definitions of “Base Rent” set forth in Section 2.1 hereof, without any application of Section 19.2. If Lessor has timely delivered such notice to Tenant, and thereafter Fair Market Rental of the applicable Renewal Group is determined under ARTICLE Article XXXV hereof, the determination of whether such appraised Fair Market Rental is higher than Base Rent applicable to the applicable Renewal Group shall be made by Lessor, in its sole and exclusive discretion, which determination shall be binding on Lessor and Tenant and not subject to further review.

Appears in 2 contracts

Samples: Master Lease Agreement (Kindred Healthcare Inc), Master Lease Agreement (Ventas Inc)

Fair Market Rental Determination. At any time within -------------------------------- thirty (30) days after receipt from Tenant of a notice of renewal under Section ------- 19.1 hereof (other than a notice of renewal for the first Extended Term), Lessor ---- may, by written notice to Tenant, request that Fair Market Rental of the applicable Renewal Group, and Fair Market Rental of each Leased Property within such Renewal Group, be determined by appraisal under the procedures of ARTICLE Article ------- XXXV hereof and in such event such Fair Market Rentals shall be so determined in ---- accordance with the procedures of such ARTICLE Article XXXV. Lessor’s 's failure to deliver ------------ such notice to Tenant within thirty (30) days after receiving Tenant’s 's notice of renewal shall preclude Lessor from any claim that Base Rent for the first year of the Extended Term to which such notice of renewal relates for the applicable Renewal Group is less than Fair Market Rental of such Renewal Group, and thereafter Base Rent and Current Rent for such Renewal Group for such Extended Term (but only for that particular Extended Term) shall be determined as set forth in the definition definitions of "Base Rent" and "Current Rent" set forth in Section ------- 2.1 hereof, without any application of Section 19.2. If Lessor has timely --- ------------ delivered such notice to Tenant, and thereafter Fair Market Rental of the applicable Renewal Group is determined under ARTICLE Article XXXV hereof, the ------------ determination of whether such appraised Fair Market Rental is higher than Base Rent applicable to the applicable Renewal Group shall be made by Lessor, in its sole and exclusive discretion, which determination shall be binding on Lessor and Tenant and not subject to further review.

Appears in 1 contract

Samples: Master Lease Agreement (Kindred Healthcare Inc)

Fair Market Rental Determination. At any time within thirty -------------------------------- (30) days after receipt from Tenant of a notice of renewal under Section 19.1 ------------ hereof (other than a notice of renewal for the first Extended Term), Lessor may, by written notice to Tenant, request that Fair Market Rental of the applicable Renewal Group, and Fair Market Rental of each Leased Property within such Renewal Group, be determined by appraisal under the procedures of ARTICLE Article XXXV ------------ hereof and in such event such Fair Market Rentals shall be so determined in accordance with the procedures of such ARTICLE Article XXXV. Lessor’s 's failure to ------------ deliver such notice to Tenant within thirty (30) days after receiving Tenant’s 's notice of renewal shall preclude Lessor from any claim that Base Rent for the first year of the Extended Term to which such notice of renewal relates for the applicable Renewal Group is less than Fair Market Rental of such Renewal Group, and thereafter Base Rent and Current Rent for such Renewal Group for such Extended Term (but only for that particular Extended Term) shall be determined as set forth in the definition definitions of "Base Rent" and "Current Rent" set forth in Section 2.1 hereof, without any application of Section 19.2. If Lessor has timely delivered such notice to Tenant, and thereafter Fair Market Rental of the applicable Renewal Group is determined under ARTICLE Article ------- XXXV hereof, the determination of whether such appraised Fair Market Rental is ---- higher than Base Rent applicable to the applicable Renewal Group shall be made by Lessor, in its sole and exclusive discretion, which determination shall be binding on Lessor and Tenant and not subject to further review.

Appears in 1 contract

Samples: Master Lease Agreement (Kindred Healthcare Inc)

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Fair Market Rental Determination. At any time within thirty (30) days after receipt from Tenant of a notice of renewal under Section 19.1 hereof (other than a notice of renewal for the first Extended Term), Lessor may, by written notice to Tenant, request that Fair Market Rental of the applicable Renewal Group, and Fair Market Rental of each Leased Property within such Renewal Group, be determined by appraisal under the procedures of ARTICLE Article XXXV hereof and in such event such Fair Market Rentals shall be so determined in accordance with the procedures of such ARTICLE Article XXXV. Lessor’s 's failure to deliver such notice to Tenant within thirty (30) days after receiving Tenant’s 's notice of renewal shall preclude Lessor from any claim that Base Rent for the first year of the Extended Term to which such notice of renewal relates for the applicable Renewal Group is less than Fair Market Rental of such Renewal Group, and thereafter Base Rent and Current Rent for such Renewal Group for such Extended Term (but only for that particular Extended Term) shall be determined as set forth in the definition definitions of "Base Rent" and "Current Rent" set forth in Section 2.1 hereof, without any application of Section 19.2. If Lessor has timely delivered such notice to Tenant, and thereafter Fair Market Rental of the applicable Renewal Group is determined under ARTICLE Article XXXV hereof, the determination of whether such appraised Fair Market Rental is higher than Base Rent applicable to the applicable Renewal Group shall be made by Lessor, in its sole and exclusive discretion, which determination shall be binding on Lessor and Tenant and not subject to further review.

Appears in 1 contract

Samples: Master Lease Agreement (Ventas Inc)

Fair Market Rental Determination. At any time within thirty (30) days after receipt from Tenant of a notice of renewal Renewal Notice under Section 19.1 43.1 hereof (other than a notice of renewal for relating to either the first or second Extended Term)Term of this Lease as it applies to any Mentor Property or relating to the second Extended Term of this Lease as it applies to any Farm Pond Property, Lessor Landlord may, by written notice to Tenant, request that the Fair Market Rental of the applicable Mentor Properties or Farm Pond Properties, as applicable, to which such Renewal GroupNotice relates, and the Fair Market Rental of each such Leased Property within such Renewal GroupProperty, be determined by appraisal under the procedures of ARTICLE XXXV hereof Exhibit G attached hereto and in such event such Fair Market Rentals shall be so determined in accordance with the procedures of such ARTICLE XXXV. LessorExhibit G. Landlord’s failure to deliver such notice to Tenant within thirty (30) days after receiving Tenant’s notice of renewal Renewal Notice shall preclude Lessor Landlord from any claim that Base the Fixed Rent applicable to the aforesaid Leased Properties for the first year Lease Year of the Extended Term to which such notice of renewal Renewal Notice relates for should be based upon the applicable Renewal Group is less than Fair Market Rental of such Renewal GroupLeased Properties, and thereafter Base the Fixed Rent for such Renewal Group applicable to the aforesaid Leased Properties for such Extended Term (but only for that particular Extended Term) shall be determined as set forth in the definition Section 3.1.2 of “Base Rent” set forth in Section 2.1 hereofthis Lease, without any application of Section 19.2. If Lessor has timely delivered such notice to Tenant, and thereafter the Fair Market Rental provisions of the applicable Renewal Group is determined under ARTICLE XXXV hereof, the determination of whether such appraised Fair Market Rental is higher than Base Rent applicable to the applicable Renewal Group shall be made by Lessor, in its sole and exclusive discretion, which determination shall be binding on Lessor and Tenant and not subject to further reviewSection 43.2.

Appears in 1 contract

Samples: Master Lease Agreement (Emeritus Corp\wa\)

Fair Market Rental Determination. At any time within thirty -------------------------------- (30) days after receipt from Tenant of a notice of renewal under Section 19.1 ------------ hereof (other than a notice of renewal for the first Extended Term), Lessor may, by written notice to Tenant, request that Fair Market Rental of the applicable Renewal Group, and Fair Market Rental of each Leased Property within such Renewal Group, be determined by appraisal under the procedures of ARTICLE Article XXXV ------------ hereof and in such event such Fair Market Rentals shall be so determined in accordance with the procedures of such ARTICLE Article XXXV. Lessor’s 's failure to deliver ------------ such notice to Tenant within thirty (30) days after receiving Tenant’s 's notice of renewal shall preclude Lessor from any claim that Base Rent for the first year of the Extended Term to which such notice of renewal relates for the applicable Renewal Group is less than Fair Market Rental of such Renewal Group, and thereafter Base Rent and Current Rent for such Renewal Group for such Extended Term (but only for that particular Extended Term) shall be determined as set forth in the definition definitions of "Base Rent" and "Current Rent" set forth in Section ------- 2.1 hereof, without any application of Section 19.2. If Lessor has timely --- ------------ delivered such notice to Tenant, and thereafter Fair Market Rental of the applicable Renewal Group is determined under ARTICLE Article XXXV hereof, the ------------ determination of whether such appraised Fair Market Rental is higher than Base Rent applicable to the applicable Renewal Group shall be made by Lessor, in its sole and exclusive discretion, which determination shall be binding on Lessor and Tenant and not subject to further review.

Appears in 1 contract

Samples: Master Lease Agreement (Ventas Inc)

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